From what date is stamp duty calculated

Is Stamp Duty calculated from the day that you close on the property or the day that the actual deeds are stamped ?

We are due to close on May 25th but would like to wait a couple of weeks to see what happens with next Govt but if SD is calcualted from some time beyond the close date then we might be ok

Advice would be appreciated

I would think that it is from the date that the contract becomes valid and enforcable which is usually the date when the seller signs it unless the change to the law specifically backdates it.
If they do backdate it it will probably apply to people who have signed but not closed.

It would normally be payable within 30 days of the date on the transfer deed unless a specific transition period is granted in relation to some change in the rates of stamp duty.

noilheart said:

It would normally be payable within 30 days of the date on the transfer deed unless a specific transition period is granted in relation to some change in the rates of stamp duty.

Click to expand...

Who grants the transition period?

The government specify a transition period in the legislation which is drawn up relating to the changes to stamp duty - that is of course if they do decide to change the stamp duty rules/rates and also of course if they decide to grant a transition period for those rules/rates.

noilheart said:

It would normally be payable within 30 days of the date on the transfer deed unless a specific transition period is granted in relation to some change in the rates of stamp duty.

Click to expand...

My solicitor says it's due 40 days after signing contracts.

An instrument chargeable with stamp duty must (unless written on duly stamped material) be duly stamped with the proper stamp duty within 30 Days after its first execution (s(2(3)(a) SDCA) unless the instrument is submitted for adjudication within 30 days of its first execution, in which case the instrument must be stamped in accordance with the assessment of the Revenue Commissioners within 14 days of the date of issue of a notice of assessment (s2(3)(b) SDCA)

The Solicitor has to lodge the document for stamping within 30 days of its execution (close of sale) I dont deal with sale of property, mostly transfer of shares, but as both are stampable instruments, the same would apply.

The confusion here is to do with (a) when is stamp duty legally payable by a purchaser and (b) what happens if there is a change in the stamp duty regime after the election.

(a) This is approx. 30 days after completion i.e. when Deeds/Vacant possession are exchanged for money
(b) This is in the lap of the gods. A new Government may or may not interfere with stamp duty. They may say it affects everyone who completes ( see above) after a specific date or they may say it will apply retrospectively for a certain period ( very unlikely).

Whats happening now is that no-one wants to complete anything until after the election and then its going to be after the stamp duty regime is changed.

Whoever gets in should nail this straight off - it is a major pain at the moment.

mf

The Solicitor has to lodge the document for stamping within 30 days of its execution (close of sale) I dont deal with sale of property, mostly transfer of shares, but as both are stampable instruments, the same would apply.[/quote]

The Revenue are unlikely to charge penalites etc up to around 40 days from the date on the transfer deed.